Id like to start off by saying that Ive been lurking around for a while reading trying to get all this stuff processed. As alot of people here probably are, Im also wanting to better my scores. Currently they stand at: EX-517 EQ-530 TU-549 Im at that point in my life when you start to realize just how important credit really is and just how bad you messed it up. Ive never cared bout my credit before so this is my first time pulling a credit report and must say all this is like trying to read Chinese to me so Im trying to figure out where to begin. Which brings me to my question, from my understanding, charge offs or anything assigned to a collection agency should reflect a balance or past due amount of $0 correct?? If not it can be disputed?? If so, I have a few things that say theyve either been charged off or assigned to an attorney or collection agency yet they still reflect a past due amount & balance. My Sears account says it was charged off on all 3 CRAs but Experian has a balance & past due amount while the other 2 show $0 for their amounts. If any of this can be disputed, what would be my grounds of disputing it?? Do I have to specify as to why Im disputing it or trying to get it off my credit report if thats even possible.?? Any & all input is appreciated. Thanks.
Depends on whether the debt is sold or assigned. If the account is assigned to a CA, then the OC (ex: Sears) still owns the debt and the money owed is still theirs. In this case, they can list a balance. If the account is sold to a JDB, then the OC must update the balance to reflect $0 (but can still list it as a C/O) which whether the account is paid or not is still damaging to your report. Is there a CA reporting on your reports as well for this account? If so, does it say Assigned or Sold? When you initial a simple dispute, you will be asked what the dispute is about (Not mine, Included in BK, Never late, etc.) Some good reading: Fair Credit Reporting Act and The Fair Debt Collection Practices Act Both are well worth the read. FDCPA is shorter and easier to understand, but only applies to third-party collectors (so not OC's).
OC=Original Creditor.The original creditor meaning where the account was originated from (ex Sears). Hope this helps
